长江商报消息●长江商报记者 沈右荣 大手笔扩产，源杰科技（688498.SH）以图提升公司订单交付能力。 2月9日晚，源杰科技发布公告，公司拟投资12.51亿元建设光电通讯半导体芯片和器件研发生产基地二 期项目。 公告称，上述项目聚焦高速光芯片领域，把握数据中心市场发展机遇，契合数字经济发展对光通信核心 器件的需求。 当晚，源杰科技还宣布，将募投项目"50G光芯片产业化建设项目"的投资额由约4.87亿调增至7.57亿 元。原因为，下游需求的迅速增长，对上游供应链产生压力，光芯片存在一定程度的短缺。 源杰科技专注于光芯片的研发、设计、生产与销售，已经成为国内领先的光芯片供应商。 源杰科技的经营业绩明显向好。根据业绩预告，2025年全年，公司预计实现归母净利润1.75亿至2.05亿 元，将实现扭亏为盈，且创下历史新高。 二级市场上，2024年9月13日至2026年1月28日，源杰科技股价区间涨幅超过10倍，目前市值约为662亿 元。 密集扩产应对未来需求 募投项目投资额增加、建设光芯片项目二期，源杰科技积极扩产。 2月9日晚，源杰科技宣布，根据公司战略规划，为把握市场机遇，提升规模化生产能力并增强行业竞争 力，公 ...

Core Viewpoint - Zhongke Shuguang (603019.SH) announced a significant financing plan to issue convertible bonds of up to 8 billion RMB, aimed at advancing its artificial intelligence capabilities and enhancing its competitive edge in the computing power sector [1][2]. Financing Plan - The company plans to raise funds through the issuance of convertible bonds, with a maximum amount of 8 billion RMB, allocated to three key projects: 3.5 billion RMB for advanced computing power cluster systems, 2.5 billion RMB for next-generation high-performance AI training and inference machines, and 2 billion RMB for domestic advanced storage systems [2][4]. - The advanced computing power cluster system project is the largest investment, focusing on high-performance computing architecture and key technologies to enhance overall system performance [2][4]. Company Background - Zhongke Shuguang is a leading player in the high-performance computing sector in China, involved in the development and manufacturing of high-end computers, storage, security, and data center products [6]. - The company has consistently increased its net profit for 11 consecutive years since its listing in 2014, with revenue growing from 2.797 billion RMB to 13.148 billion RMB over the past decade [7]. Research and Development - The company has invested heavily in R&D, with a total expenditure of 6.405 billion RMB from 2020 to 2024, reflecting its commitment to technological advancement [7][8]. - In the first three quarters of 2025, Zhongke Shuguang reported a revenue of 8.82 billion RMB, a year-on-year increase of 9.68%, and a net profit of 966 million RMB, up 25.55% [7]. Strategic Initiatives - In August 2025, Zhongke Shuguang launched the first domestic AI computing open architecture, aiming to break through computing power bottlenecks and support a multi-brand AI acceleration ecosystem [8]. - The company has also developed the ScaleX 640 super node, which features a high-speed interconnect and is designed to support a wide range of software ecosystems, significantly lowering the barriers for developers [8].

Core Viewpoint - Fangda Carbon's operational performance is under pressure, prompting the company to plan an acquisition of assets to optimize logistics and inventory management, while facing declining profits over the past three years [1][9][10]. Group 1: Acquisition Plans - Fangda Carbon announced plans to acquire 100% equity of Tianjin Tongda Huanyu Logistics Co., Ltd. for approximately 319 million yuan, aiming to enhance logistics efficiency and reduce costs [1][4]. - The acquisition is expected to strengthen the company's logistics network in the Bohai Rim region, improving supply chain management and operational efficiency [5][6]. Group 2: Financial Performance - The company has experienced a decline in revenue and net profit from 2022 to 2024, with revenues of 5.32 billion yuan, 5.13 billion yuan, and 3.87 billion yuan, reflecting year-on-year changes of -14.37%, -3.54%, and -24.55% respectively [10]. - The net profit attributable to shareholders has also decreased significantly, with figures of 840 million yuan, 416 million yuan, and 186 million yuan, showing declines of 22.56%, 50.44%, and 55.31% [10][11]. - For 2025, the company anticipates a further decline in net profit, projecting between 60.44 million yuan and 101 million yuan, a decrease of 45.85% to 67.51% year-on-year [10]. Group 3: Management Changes - Fangda Carbon has undergone significant management changes, with the chairman, general manager, and financial director all replaced recently [2][13]. - The new appointments include Xie Haidong as general manager and Guo Yanli as financial director, indicating a strategic shift in leadership [13]. Group 4: Strategic Focus - The company is actively exploring non-steel emerging sectors, although these efforts have yet to yield positive contributions to financial performance [9][12]. - Fangda Carbon maintains a strong position in the carbon products market, focusing on product structure optimization and market diversification, particularly in the Belt and Road Initiative [9][12].

Core Viewpoint - Hainan Mining is upgrading its acquisition strategy by planning to acquire a 69.90% stake in Luoyang Fengrui Fluorine Industry Co., Ltd. through a combination of share issuance and cash payment, following a previous investment of 300 million yuan for a 15.79% stake [1][6][7] Group 1: Acquisition Details - The acquisition aims to make Hainan Mining the controlling shareholder of Fengrui Fluorine Industry, which will be included in its consolidated financial statements [2] - The transaction involves a cash payment for 20.97% of the shares and share issuance for 34.95% of the shares, with the total estimated transaction price around 1.328 billion yuan based on a previous valuation of 1.9 billion yuan [7][8] - If successful, Hainan Mining will hold a total of 85.69% of Fengrui Fluorine Industry, achieving absolute control [8] Group 2: Financial Performance - Hainan Mining reported a net profit of 312 million yuan for the first three quarters of 2025, a decline of over 40% year-on-year, marking three consecutive quarters of decline [3][13] - The company’s revenue for the first three quarters of 2025 was 3.36 billion yuan, reflecting a year-on-year growth of 5.93%, but the net profit showed a significant drop of 42.84% [13] - In contrast, Fengrui Fluorine Industry has shown stable profitability, with net profits of approximately 114 million yuan, 136 million yuan, and 130 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively [4][14] Group 3: Strategic Focus - Hainan Mining focuses on the exploration and development of strategic resources, including iron ore and lithium, and aims to expand into the fluorite sector through this acquisition [3][9][11] - Fengrui Fluorine Industry specializes in the investment and development of fluorite mines, producing high-grade fluorite products essential for various industrial applications [9][10]

与此同时，长江商报记者注意到，公司坚持高强度研发投入，2021年—2025年前三季度研发费用累计已 超24亿元，在产品创新、海外拓展、IP打造等方面持续突破，业绩增长动能充沛。 回购溢价65.81%彰显信心 A股头部游戏公司恺英网络（002517）(002517.SZ)再抛股份回购计划。 2月9日，恺英网络发布公告，计划以集中竞价交易方式回购公司股份，回购总金额不低于1亿元且不超 过2亿元，回购价格上限为36.91元/股。回购股份将全部用于员工持股计划及股权激励计划。 作为国内游戏行业研运一体化龙头企业，恺英网络近年来业绩持续稳健增长，财务基本面扎实，现金流 充裕。截至2025年三季度末，公司总资产达131.7亿元，货币资金规模36.2亿元，为本次股份回购提供了 充足的资金保障。 2月9日，恺英网络发布回购公司股份方案公告。根据公告内容，公司将以集中竞价交易方式回购公司股 份，回购总金额不低于1亿元且不超过2亿元。具体来看，本次回购股份的种类为公司发行的A股股份， 回购股份价格不超过(含)36.91元/股。 按此次回购资金最高2亿元测算，预计可回购股份数量为541.8585万股，约占公司目前总股本的0.25% ...

Core Viewpoint - The merger of Hailianxun and Hangqilun through a share swap has been completed, significantly increasing Hailianxun's scale despite its poor performance forecast for 2025 [1][2][5] Group 1: Merger Details - Hailianxun has completed the share swap merger with Hangqilun, issuing 1.175 billion new shares at a swap price of 9.35 CNY per share, resulting in an estimated market value of approximately 10.985 billion CNY [1][2] - The swap ratio is set at 1:1, meaning one share of Hangqilun can be exchanged for one share of Hailianxun, with a premium of 34.46% based on Hangqilun's average stock price [2][8] - The new shares will be listed and tradable starting February 11, 2026, with Hailianxun's total share capital increasing to 1.517 billion shares post-merger [3][5] Group 2: Financial Performance - Hailianxun's 2025 profit forecast indicates a net profit of 2 to 3 million CNY, a decline of 68.28% to 78.85% year-on-year, with a non-recurring net profit drop of 48.58% to 65.72% [5] - For the first three quarters of 2025, Hailianxun reported revenue of 125 million CNY, down 4.72% year-on-year, attributed to increased competition and higher expenses related to the merger [5] - Hangqilun's revenue for the first three quarters of 2025 was 3.826 billion CNY, a decrease of 10.27%, with a net profit of 123 million CNY, down 35.14% [1][8] Group 3: Company Profiles - Hailianxun specializes in power information system integration, providing comprehensive solutions for the electricity sector, and has struggled with revenues below 250 million CNY in recent years [4][5] - Hangqilun focuses on designing and manufacturing industrial turbines and has total assets of 17.145 billion CNY and total liabilities of 7.615 billion CNY, with an asset-liability ratio of 44.42% [6][8] - The merger aims to create a company primarily focused on industrial turbine machinery, enhancing core competitiveness and profitability through resource integration [1][3][5]

Core Viewpoint - Qianjin Pharmaceutical (600479) demonstrates stable revenue and strong profit growth, achieving a high-quality turnaround despite industry challenges [1][2]. Financial Performance - The company reported a total revenue of 3.635 billion yuan for 2025, a slight increase of 0.13% year-on-year, while the net profit attributable to shareholders rose significantly by 24.74% to 288 million yuan [1][2]. Strategic Acquisitions - Qianjin Pharmaceutical completed acquisitions worth 623 million yuan, acquiring 28.92% of Qianjin Xiangjiang Pharmaceutical and 68% of Qianjin Xieli Pharmaceutical, which were crucial for reversing the company's performance [2]. - The acquisitions were finalized in October and November 2025, enhancing Qianjin's stake in Xiangjiang to 79.92% and achieving full ownership of Xieli, thereby solidifying its core pharmaceutical industrial layout [2]. Business Integration and Growth - The acquired companies are profitable assets, with Xiangjiang and Xieli reporting net profits of 107 million yuan and 23.8369 million yuan, respectively, directly contributing to the listed company's earnings [2]. - Xiangjiang focuses on major disease areas such as cardiovascular and psychiatric specialties, while Xieli specializes in liver disease, hypertension, and rheumatology, complementing Qianjin's strengths in gynecological traditional Chinese medicine [2]. Strategic Planning - The acquisitions represent a key step in the company's "one main, two auxiliary" strategy, aiming for a revenue target of 8 billion yuan by 2031, with 5 billion yuan from the pharmaceutical industry [3]. Digital Transformation - Qianjin Pharmaceutical is leveraging digital transformation to enhance efficiency and profitability, with a data platform and AI applications improving operational efficiency by 62% [4]. - Key production processes have seen over 50% automation in scheduling, and logistics efficiency has improved by 50%, contributing to significant cost reductions [4]. Product Performance - The company's gynecological traditional Chinese medicine series is performing well, with sales expected to exceed 800 million yuan in 2024 and over 470 million yuan in the first half of 2025 [4]. - The company holds 173 drug approvals and has over 30 chemical drug varieties passing consistency evaluations, positioning it favorably in the market [4]. Market Position and Future Outlook - Industry experts believe Qianjin Pharmaceutical has emerged from a growth trough, entering a new phase of high-quality development, supported by its strong position in the gynecological sector and benefits from acquisitions and digital reforms [5]. - The company is expected to maintain steady growth, capitalizing on new product launches and market opportunities in the traditional Chinese medicine and women's health sectors [5].

中车集团旗下的时代电气（688187.SH，03898.HK）经营业绩再现稳增长。 2月6日晚，时代电气发布业绩快报。2025年，公司实现营业收入287.61亿元，归母净利润逾41亿元，与 上年同期相比，双双以超10%的速度增长。 营收净利双双以两位数的速度增长，2022年以来，时代电气已经持续了四年。 针对2025年经营业绩稳健增长，时代电气解释，公司聚焦增收创效重要领域和关键环节，实现了稳健发 展。 时代电气聚焦轨道交通装备，致力于成为全球轨道交通装备全面解决方案的首选供应商。在做好轨道交 通业务的基础上，公司创新发展新兴装备产业，使得公司市场综合竞争力不断提升。 支撑时代电气的"同心多元化"战略，源于高强度研发。近几年，公司研发投入持续增长，2024年的研发 投入为28.42亿元，占营业收入的11.41%。 时代电气的现金流充足，能够保障公司资本开支。截至2025年9月末，公司货币资金逾60亿元，还有百 亿元左右的大额存单、定期存款，而有息负债仅约9亿元。 再现营收净利双增 综上所述，2022年至2025年，时代电气的营业收入、归母净利润已经连续四年双增。 2025年，国内经济总体增速有所改善，但仍面临 ...

Market Overview - The A-share market experienced a volatile session with the Shanghai Composite Index closing at 4128.37 points, up 0.13%, and a total trading volume of 882.2 billion yuan [1] - The Shenzhen Component Index closed at 14210.63 points, up 0.02%, with a trading volume of 1223.3 billion yuan [1] - The ChiNext Index fell by 0.37% to 3320.54 points, with a trading volume of 597.1 billion yuan [1] - Total trading volume in both markets was 2.11 trillion yuan, a decrease of 143.9 billion yuan compared to the previous trading day [1] Sector Performance - The cultural media, gaming, shipbuilding, education, and communication service sectors saw significant gains, while precious metals, photovoltaic equipment, jewelry, energy metals, and commercial retail sectors experienced declines [1] - The cultural media sector was notably boosted by the AI video generation model Seedance 2.0 from ByteDance, which gained attention both domestically and internationally [1] Company Movements - Companies such as Reading Culture, Jiecheng Shares, Chinese Online, Rongxin Culture, Happiness Blue Sea, and Light Media all hit the 20% daily limit up due to the surge in the cultural media sector [1] - There are indications of profit-taking by major funds in previously strong stocks, leading to a cautious outlook for the last trading days before the holiday [2]

长江商报记者 沈右荣 酿出千亿大单闹剧的容百科技（688005.SH）将面临重罚。 2月6日晚，容百科技发布公告，公司收到中国证监会宁波监管局（以下简称"宁波证监局"）下发的《行 政处罚事先告知书》，拟对公司及相关责任人进行处罚。 此前，容百科技发布公告称，公司与宁德时代签署协议，未来6年，容百科技合计为宁德时代供应国内 区域磷酸铁锂正极材料预计为305万吨，协议总销售金额超1200亿元。 经宁波证监局调查发现，容百科技针对上述事项的信息披露存在四大问题，包括1200亿元的销售金额、 材料采购量、合同期限、合同前置条件等，或披露不准确、不完整，或未披露。 宁波证监局拟对容百科技及相关负责人进行处罚，其中，拟对"不知情"的董事长白厚善罚款300万元。 受市场波动影响，容百科技业绩阶段性承压。根据业绩预告，2025年，公司预计全年亏损1.90亿元至 1.50亿元，成为2019年上市以来的首个年度亏损年。 不过，2025年第四季度，容百科技业绩好转，预计盈利3000万元。 误导性陈述合计领950万罚单 信息披露存在误导性陈述行为，容百科技及相关负责人将被重罚。 事件起因于1月13日晚容百科技发布的一份公告。当时公告 ...